4 Steps to Getting Rid of Car Payments Forever and Pay Cash For Your Next Car

Have you ever gotten that sick feeling when the car payments are due? You know you don’t have a choice when it comes to making car payments. You need transportation to get to work and haul the kids around. But you knew if you had a paid for car that the family finances would be much easier to deal with.

4 Steps to Get Rid of Car Payments Forever

So how can you eliminate that sick feeling and get rid of car payments for the rest of your life? Well, there is a very simple concept that will allow you to do that if you’re willing to have a little discipline and stick with a plan.

1. First, keep doing what you’ve always done and continue paying your car payments until the vehicle is paid off. If you have any extra money to save toward your next car, then put it away and don’t touch it.

2. Next, resist with everything you have the “car fever” that we all get when a car is paid off. Like the flu virus, it is a natural phenomenon but it can be very detrimental to your financial health.

You see, when you finally get a car paid off, that car loses a bit of its luster. You’re tired of driving the same old car and now you have a little money freed up because you don’t have car payments anymore. So in your infinite wisdom you decide you need a new car, better yet, you DESERVE a new car. So let’s go out and get another car payment.

Another benefit is that owning a car becomes cheaper because you're no longer paying interest on a car payment. So now, instead of paying almost $30,000 for a $20,000 car over five or six years, you actually pay $20,000 and that’s it.

Since you have cash you may even be able to negotiate a discount, depending on who you’re dealing with. People get itchy to sell when they see a pile of green in front of them.

So when you feel yourself getting “carsick” once again, think about this simple process. Change your mindset, and get rid of your car payments FOREVER!

ACTION STEP: Change your mindset about car payments. Commit to paying off your car and putting the payments in the bank until your car dies. Then pay cash for your next car.

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4 Steps to Getting Rid of Car Payments Forever and Pay Cash For Your Next Car